How to Prepare to Lead Your Multi-generational Family Business
If your parents or grandparents are part of a multi-generational family business, odds are you’ve been asked more than once if you plan to follow in their footsteps.
But according to Family Business Magazine, only 10-30% of family businesses survive the second generation under the same company name and ownership. How can you prepare for a new role as a leader of your family’s business?
Jill Mayer, a recent Thomas Industry Update Podcast guest and the CEO of Bead Industries, a fifth-generation family business, faced this decision early in her career. She shared a few tips for making the decision to join the family business and how to make the transition as smooth as possible.
Read the full article on ThomasNet.